$649,850

45% OFF: This is how to generate great returns in today's market while protecting your downside. Acquire an income producing duplex (1 Bedroom/1 Bathroom each side) with additional development capacity (the right to build 8 more units) in Fort Lauderdale's rapidly developing Studio City at over 45% below market value.… Read More This property should not be viewed solely as a duplex or solely as a land play; the true value is in both. The existing duplex (that is fairly renovated and has separate water & electric meters) can remain in place and continue generating income while 8 additional units are developed on the same lot, for a total of 10 units, without tearing down the current structure. The included site plan shows viable layout, parking, & access. A preliminary development meeting has been held with the city; representatives from every relevant department (planning, zoning, engineering, landscape, etc) were present and confirmed that the site plan is feasible and compliant with current code and zoning regulations. Recently sold multi-family land comps: $117k-$141k per unit. Active multi-family land comps: $124k-$177k per unit. Recently sold multi-family (existing building) comps: $312k-$375k per unit. Active multi-family (existing building) comps: $297k-$372k per unit. Subject property: fairly renovated duplex + 8 units of buildable land; market value ~$1.2M. Build cost ~$1.2M. All in:~$1.9M. Projected value:$3M+ = $1M+ instant equity upon completion. 1 bedroom apartment rents:$1.6k-$2.3k/mo. Potential ~10% cap rate. Seller will finance. Located on NE 5th Terrace, less than one block from NE 13th Street, the property is under a 60 second walk from the heart of Studio City: Fort Lauderdale's emerging arts and entertainment district, featuring an eclectic mix of independent businesses like Gulfstream Brewing Co, Lovelee Bakeshop, Radio-Active Records and other popular neighborhood destinations. Situated at the crossroads of Flagler Village & Wilton Manors, the area offers a vibrant, walkable neighborhood experience with a youthful, creative energy often compared to early Wynwood. Surrounded by ongoing new development, the area continues to attract investors & developers who recognize its long term potential. Property is in a Qualified Opportunity Zone, which offers the potential for major tax benefits including deferring taxes, reducing capital gains taxes, and potentially paying no tax at all on the profit when you sell the property; consult tax professional for details and eligibility. See photos & attachments for details on location, plans, and comps. Call listing agent for more information. Read Less

Courtesy of United Realty Group Inc. 954-450-2000

Listing Snapshot

Days Online

158

Last Updated

Nov 2, 2026

Property Type

Duplex

Square Ft.

1,053

Lot Size

0.23 Acres

Year Built

1957

MLS Number

B26033753

Additional Details

Property Access

Road Responsibility: Public Maintained Road, Road Surface: Paved

Building

Built in 1957, Living area: 1053.0, 1 storey, Construction Materials: CBS, Stucco

Community

2 units in community

Cooling

Ceiling Fan(s), Wall/Window Unit(s)

Exterior Features

Patio/Porch Features: Porch, Patio, Porch - Open, Patio - Open

Floors

Terrazzo

Heating

Window/Wall

Home Owner's Association

Association Fee: $0

Lot

0.23 acres, Dimensions: 75 x 135

Pets Policy

Allowed: Yes, No Restrictions

Property

Resale

Roof

Flat

Sewer

Public Sewer

Taxes

Parcel Number: 494234032080, Annual Amount: $7,203.21, Assessed Value: $265,430, Legal Description: PROGRESSO 2-18 D LOT 13,14,15 BLK 114, Year: 2025, Zoning: RMM-25

Tenant Pays

Electricity, Sewer, Water

Utilities

Cable Available, Electricity Connected, Phone Available, Sewer Connected, Water Connected, Water Source: Public, 2 separate electric meters, 2 separate water meters

Windows

Storm Window(s)

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1219 NE 5th Terrace #1-2

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